State Street to Become Lead Hedge Fund Administrator Globally With $550M Acquisition Of Goldman Sachs Administration Services

New York (HedgeCo.Net) – Hedge fund administrator, State Street Corporation, has announced that it has agreed to acquire Goldman Sachs Administration Services (GSAS), a $200 billion hedge fund administrator, from The Goldman Sachs Group, Inc. in a cash transaction with a total purchase price of $550 million.

Pending regulatory approvals and other customary closing conditions, the transaction is expected to be finalized early in the fourth quarter of 2012.”

“The acquisition will establish State Street as the No. 1 hedge fund administrator globally based on industry survey data,” State Street said in a press release, “State Street today is the No.1 servicer of alternative assets in the world with $877 billion under administration at June 30, 2012.”

The transaction does not include Goldman Sachs’ Prime Brokerage business.